First Abu Dhabi Bank (FAB) is recognized as one of the biggest financial institutions in the world and the biggest bank in the United Arab Emirates. FAB provides an extensive selection of offerings that have been strategically selected for different groups of people in Abu Dhabi. The bank offers a wide variety of personal loan products, such as non-salary transfer loans, private loans for nationals and overseas residents, and many others. Yet, meeting the requirements specified by the bank is a requirement for being eligible for an FAB personal loan.
Warnings:
When you fail to pay off the loan or financing beforehand, you might have to face several consequences.
If you fail to make the necessary payments or installments on your loan or financing, your account will become overdue. This could impact your financial rating, making it eventually difficult for you to carry out financing.
You might have to pay more in interest or profit if you refinance your loans or financing because it will take more time to pay them back than the past loan or financing.
Features & benefits of FAB personal loan products:
The following are the prominent yet vital features and benefits common to all FAB personal loan types accessible in the United Arab Emirates:
1. With a diverse range of people in Abu Dhabi, FAB offers several kinds of personal loan alternatives that accommodate their financial requirements.
2. Within a time period of 2 years, the bank enables you to give back the sum you borrowed.
3. The loan paperwork process is easy to understand and practical overall.
4. Bank loan processes have been proven to be simple and quick.
5. With this bank, you can get a personal loan at reasonable interest rates.
6. The bank always allows you an extension of time before making the first installment payment. Keep in mind that every FAB personal loan package has a different leniency duration.
FAB Personal Loan requirements:
- A copy of a current residence visa, passport, or Emirates ID needs to be submitted (the originals also have to be present).
- Banking statements display income credits for the three months preceding the request (if the salary has yet to be credited to an FAB account).
- Letter of income transfer or pay certificate delivered to the FAB.
- Either a clearance letter or a liability letter (in the case of buyout financing).
- Fully filled out and signed application.
Things to consider before applying for a personal loan:
The standard requirements for the FAB personal loan which you need to know are as follows:
Age:
All FAB personal loan packages have a minimum age restriction of 21 years. However, the upper age limit varies between 60 and 65 years old.
Citizenship:
You must be a resident of the United Arab Emirates or a foreign citizen in order to be accepted for a personal loan from First Abu Dhabi Bank.
Monthly wage:
The monthly wage requirements may change depending on the type of FAB personal loan package you take out. Therefore, always make sure the bank is aware of your salary requirements prior to applying for a loan.
Credit Score:
In the UAE, a personal loan application must typically have a minimum credit score 580 to be approved. However, a higher credit score could increase the likelihood of getting a loan authorized. The credit rating that the organization requires for a personal loan should be confirmed by contacting them.
Transfer of pay:
Whether or not you must transfer your pay will depend on the kind of personal loan package you choose. You will have to pay their paycheck into your FAB account every month if you choose a loan that has salary transfer requirements.
How to apply for a FAB personal loan?
To apply for an FAB personal loan, simply follow these easy steps to carry out the procedure easily:
1. Go to the FAB website and submit your application online. Along with information about your finances and personal history, you will also need to submit specifics regarding the specific loan you are asking for.
2. After you submit your application, an FAB representative will call you to discuss the next stages. This may include supplying further paperwork or setting up a face-to-face encounter.
3. Following the evaluation and approval of your application, you will receive the money in your bank account. Before taking out a loan, make sure you thoroughly study the agreement’s terms and limitations to fully understand them.
Types of personal loans:
Personal Loans for UAE Nationals
- Interest rates are set annually at 4.74 percent.
- The maximum loan amount is AED 5 million.
- AED 7,000 is the minimum salary per month.
Personal Loans for Expats
- Interest rates are fixed at 5.34 percent annually.
- AED 2 million is the maximum loan amount.
- Salary minimum of AED 7,000 per month.
Non-salary Transfer Personal Loans for UAE Nationals
- Loan amounts as high as AED 1.2 million are available.
- A salary transfer is not necessary.
- Minimum compensation of AED 15,000 per month.
Non-Salary Transfer Personal Loans for Expatriates
- Large loan sums, up to 800,000 AED.
- Minimum compensation of AED 15,000 per month.
- A salary transfer is not necessary.
New to Country Loans / New to Employment Loans
- Maximum loan amounts of AED 600,000.
- A maximum 48-month loan term is available.
- 10,000 AED per month minimum wage.
Landlord Loans
- Up to AED 2 million in loans.
- A maximum 48-month loan term is available.
- AED 7,000 is the minimum salary per month.
Frequently Asked Questions (FAQS):
What is FAB’s personal loan interest rate?
The fixed annual interest rate for the FAB personal loan is 5.34 percent.
How do I know if my personal loan is approved?
After submitting your loan application, you can check the status of your loan by going to the FAB website. Your loan money will be deposited into your bank account within a couple of hours of loan approval.
How do I check my loan status?
Checking the status of your Personal Loan request is simple. Simply log into the FAB web portal or get in touch with customer support. For a brief status update, give your application code number.
What is the minimum salary for a personal loan in FAB Bank?
AED 7,000 is the minimum salary needed to submit an application for a personal loan with FAB Bank.
Can I get a loan with a 4000 AED salary?
Yes, you indeed can get a loan with a 4000 AED salary from FAB bank easily.
What is the minimum salary for a personal loan in the UAE?
At a salary of 3000 AED, you are eligible for a personal loan in the UAE. The required minimum pay is between AED 2,500 and AED 4,000 and above.
Which bank is best for personal loans in the UAE?
FAB Bank is the best bank for getting a personal loan in the UAE.
Do I need to be a salaried person to get a personal loan?
No. Individuals without a job can still obtain a personal loan if they’re able to provide other sources of income, such as property, rental income, or aid from the government.
Conclusion:
Customers in and out of the UAE can apply for personal loans for a number of purposes, such as travel, education, healthcare, and much more, using the FAB Bank personal loan. The bank provides both short- and long-term personal lending solutions. FAB offers various repayment choices and affordable interest rates on all its personal loans. Now, anyone in need who satisfies all bank conditions can apply for a personal loan.
